[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. II)]
Real estate tax exemption is provided for qualified
owners who are not less than 65 years of age or who are permanently
and totally disabled and who are eligible according to the terms of
this article and §§ 58.1-3210 through 58.1-3217 of
the Code of Virginia, as amended. Persons qualifying for exemption
are deemed to be bearing an extraordinary real estate tax burden in
relation to their income and financial worth.
The exemption shall be administered by the Town
Manager according to the provisions of this article. The Town Manager
is hereby authorized and empowered to prescribe, adopt, promulgate
and enforce rules and regulations in conformance with the provisions
of this article, including the requirement of answers under oath,
as may be reasonably necessary to determine qualifications for exemption
as specified by this article. The Town Manager may require the production
of certified tax returns and appraisal reports to establish income
and financial worth.
Exemption shall be granted to persons subject
to the following provisions:
A. The title to the property for which exemption is claimed
is held, or partially held, on January 1 of the taxable year, by the
person or persons claiming exemption.
B. The head of the household occupying the dwelling and
owning title, or partial title, thereto, is 65 years of age or older
or became permanently and totally disabled on June 30 of the year
immediately preceding the taxable year.
C. The total combined income of the owner(s) during the
year immediately preceding the taxable year shall not exceed $35,000.
Additionally, $7,500 of income for an owner who is permanently disabled
shall be excluded from the total combined income calculation. "Total
combined income" shall include all income from all sources of the
owner(s) and of the owners' relatives living in the dwelling for which
exemption is claimed, except that the first $6,500 of income of each
relative other than the spouse, of the owner, or owners, who is living
in the dwelling shall not be included in such total.
D. The net financial worth of the owner(s) and of the
spouse(s) of the owner(s) as of December 31 of the year immediately
preceding the taxable year shall be an amount not to exceed $85,000.
"Net financial worth" shall include the value of all assets, including
the value of equitable interest, of the owner(s) and the owners' relatives
living in the dwelling for which exemption is claimed, but shall not
include the fair market value of the dwelling and the land upon which
it is situated, not exceeding one acre, for which exemption is claimed.
Any person or persons falsely claiming a grant
under this article shall be guilty of a misdemeanor and, upon conviction
thereof, shall be fined not less than $50 nor more than $500 for each
offense.
The provisions of this article are hereby declared
to be severable. If any section, subsection, clause or phrase thereof
shall be held to be unconstitutional or void, such holding shall not
be deemed to affect the validity of the remaining portions of the
article.
This article shall be in full force and effective
immediately upon passage, and the exemption shall apply to the real
estate tax assessed for the calendar year beginning 2006 and thereafter.